Stocks shot higher this morning, as the G20 conference and a European Central Bank interest rate cut spurred optimism. The Dow was recently up 271 points, while the S&P and Nasdaq have each climbed more than 3.5%. Financials got a boost, as investors bet on a relaxing of accounting rules, sending Bank of America up 9% and Citi up 8%. An unexpected jump in factory orders only helped fuel the rally.
“Investors are relieved,” one fund manager told Bloomberg. “Production is recovering, and that’s supporting the market.”